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Montana Board of Investment commits $40 million to value-added funds

by Andrea Waitrovich

The $8.1 billion Montana Board of Investment has committed $40 million to two value-added funds. A commitment of $20 million was made to TA Realty Associates Fund X, managed by TA Associates Realty, and another $20 million commitment was made to CBRE Strategic Partners U.S. Value 6, managed by CBRE Global Investors.

The commitments further the pension fund's goal of increasing its value-add exposure in real estate. As of June 30, its value-add exposure is 31 percent of its portfolio; its core exposure is 41 percent, and its opportunistic exposure is 20.86 percent.

TA Associates Realty Fund X was launched in January 2011 with a target fundraising goal of $1.2 billion. It focuses on industrial buildings, garden-style apartment complexes, grocery-anchored retail properties and suburban office buildings. The equity investments targeted by Fund X and affiliated funds will range in size from $50 million to $300 millio